- Hyperliquid overtook Solana in fully diluted valuation (FDV) today, May 21, 2026.
- There has been a strong demand for the newly launched US spot HYPE ETFs.
- Institutions such as Galaxy Digital and Grayscale Investment are accumulating $HYPE.
Hyperliquid (HYPE) has overtaken Solana in fully diluted valuation (FDV), marking a major milestone for the token. Hyperliquid’s FDV now stands at approximately $54.57 billion, edging out Solana’s FDV of about $54.21 billion. The token’s market strength is reflected in its price, which has jumped roughly 16% and is hovering around the $56 mark after breaking past $50.
This move where the price of the token has surpassed $50 is getting a lot of attention, be it from traders or institutional investors. The price has risen and it also shows how interest in Hyperliquid has accelerated since its US ETF debut.
ETF Launches and Heavy Trading Explain the Surge
The main reason behind Hyperliquid’s sudden rise is the launch and early performance of spot Hyperliquid ETFs in the US. The two organizations that are leading these funds are 21Shares’...
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